REG - Eden Research plc - US State Regulatory Approvals Update

Eden ResearchAnnouncement

23/03/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230323:nRSW9314Ta&default-theme=true

RNS Number : 9314T  Eden Research plc  23 March 2023

23 March 2023

 

 

Eden Research Plc

("Eden" or "Company")

 

Eden granted numerous US state regulatory approvals

 

Eden Research plc (AIM: EDEN; OTCQB: EDNSF), the AIM-quoted company focused
on sustainable biopesticides and plastic-free formulation technology for use
in the global crop protection, animal health and consumer products industries,
announces that it has to date received regulatory approval in 17 US states for
its formulated product Mevalone(®), and 8 US states for its formulated
product Cedroz™.

 

These approvals follow regulatory authorisation from the United States
Environmental Protection Agency (EPA) in September 2022 for all six petitions
submitted by Eden (three active ingredients, two formulated products and
Eden's Sustaine(®) polymer-free encapsulation technology; making up the
building blocks of current and future products), opening up significant
revenue opportunities for the Company with a market potential in the United
States of approximately €94 million for Mevalone and €189 million for
Cedroz.

 

Mevalone has been approved for use on botrytis on table and wine grapes in the
following states: Alabama, Arizona, Florida, Georgia, Idaho, Illinois,
Michigan, Mississippi, Missouri, New York, North Carolina, Oregon,
Pennsylvania, Texas, Virginia, Washington, and West Virginia.

 

Eden has also received approval for its second commercial product, Cedroz,
which can now be applied to fruits and vegetables to defend against
destructive parasitic nematodes that affect crops grown both indoors and
outdoors. Cedroz approvals have been granted for a wide range of crops,
including eggplant, peppers, tomatoes, cantaloupes, cucumbers, pumpkins,
squash, zucchini, carrots, strawberries, and grapes; in the following states:
Florida, Georgia, Michigan, New York, Oregon, Texas, Washington, and
Wisconsin.

 

Eden's application for regulatory approval in California is still in progress,
but the Company expects approval will be received in the coming months.

 

Regulators around the world have banned a rapidly growing number of commonly
used conventional chemical pesticide products in recent years and, as a
result, farmers need effective alternatives to maintain yields and keep up
with the growing demand for safe, sustainable food production. Biopesticides,
such as Cedroz and Mevalone, are rapidly becoming the standard for farmers
looking adopt more environmentally friendly practices. Eden's products are
based on naturally occurring compounds that make up part of a plant's own
defence system and are effective, sustainable, and safe without contributing
to pesticide residues in food or persistence in the environment.  They are
also free of intentionally added microplastics.

 

Sean Smith, Chief Executive Officer of Eden Research plc, commented:

 

"Since achieving EPA approval in September 2022, Eden has continued to
accelerate change in sustainable agriculture. These state authorisations mark
further milestones on this journey and directly expand our addressable market
in the US. Further efforts are underway to continually grow our footprint
across the US with a primary focus on obtaining regulatory clearance in
California and several additional states. We look forward to updating the
market on our progress in due course."

 

 

 

For further information contact:

 

 Eden Research plc
 Sean Smith                                            www.edenresearch.com (http://www.edenresearch.com)

Alex Abrey

                                                     01285 359 555

 Cenkos Securities plc (Nominated advisor and broker)
 Giles Balleny / Max Gould (corporate finance)         020 7397 8900

Michael Johnson (sales)

 Hawthorn Advisors (Financial PR)
 Felix Meston                                          eden@hawthornadvisors.com (mailto:eden@hawthornadvisors.com)

 Simon Woods

 

Notes to Editors:

 

Eden Research is the only UK-listed company focused on biopesticides for
sustainable agriculture. It develops and supplies innovative biopesticide
products and natural microencapsulation technologies to the global crop
protection, animal health and consumer products industries.

 

Eden's products are formulated with terpene active ingredients, based on
natural plant defence metabolites. To date, they have been primarily used on
high-value fruits and vegetables, improving crop yields and marketability,
with equal or better performance when compared with conventional pesticides.
Eden has two products currently on the market:

 

Based on plant-derived active ingredients, Mevalone(®) is a foliar
biofungicide which initially targets a key disease affecting grapes and other
high-value fruit and vegetable crops.  It is a useful tool in crop defence
programmes and is aligned with the requirements of integrated pest management
programmes. It is approved for sale in a number of key countries whilst Eden
and its partners pursue regulatory clearance in new territories thereby
growing Eden's addressable market globally.

 

Cedroz™( )is a bionematicide that targets free living nematodes which are
parasitic worms that affect a wide range of high-value fruit and vegetable
crops globally.  Cedroz is registered for sale on two continents and Eden's
commercial collaborator, Eastman Chemical, is pursuing registration and
commercialisation of this important new product in numerous countries
globally.

 

Eden's Sustaine(®)( )encapsulation technology is used to harness the
biocidal efficacy of naturally occurring chemicals produced by plants
(terpenes) and can also be used with both natural and synthetic compounds to
enhance their performance and ease-of-use. Sustaine microcapsules are
naturally-derived, plastic-free, biodegradable micro-spheres derived from
yeast. It is one of the only viable, proven and immediately registerable
solutions to the microplastics problem in formulations requiring
encapsulation.

 

Eden was admitted to trading on AIM on 11 May 2012 and trades under the
symbol EDEN. It was awarded the London Stock Exchange Green Economy
Mark in January 2021, which recognises London-listed companies that derive
over 50% of their total annual revenue from products and services that
contribute to the global green economy. Eden derives 100% of its total annual
revenues from sustainable products and services.

For more information about Eden, please visit:  www.edenresearch.com
(http://www.edenresearch.com/) .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  REASEAESEEDSEID